Republicans in Congress have introduced legislation aimed at stopping a proposal by the Biden Administration that would force banks to report every customer transaction of $600 or more to the Internal Revenue Service.
Sen. Tommy Tuberville, R-Ala., introduced the Protecting Financial Privacy Act of 2021 last week. It would prohibit any Federal agency from reporting financial transactions to their customers. Larry Kudlow told FOX Business that the legislation is aimed at banning the IRS from spying on Americans through their bank accounts.
They want everything, the Alabama Republican said to the IRS. They want to know how much money you bought, if you spent a wedding dress or a gun, and they're going to be talking on you a mile-long list. Rep. Ashley Hinson, R-Iowa, introduced the bill in a statement in the House of Representatives, saying this provision in reconciliation, with $80 billion to nearly quadruple the IRS budget, is reflective of how backwards democrat priorities are right now: we need more border agents, not more IRS agents. The IRS shouldn't be snooping on our bank accounts, Hinson told FOX Business Vice Chairman Varney Co. adding, That's exactly what President Biden wants to happen, it's what these Democrats want to happen. If Democrats control the White House and both chambers of Congress, GOP legislation could face an uphill climb.
When asked by host Hanson whether she has the votes to pass the bill and if she expects any Democrats to push back against the IRS enhanced spying, Stuart Varney said they should be. Pointing to Democrats' $3.5 trillion reconciliation package being stalled due to their own infighting, Hinson suggested that some Democratic candidates are likely hearing the same thing I am right here at home, which is that this is not right. The plan to increase IRS enforcement and force reporting on $600 transactions is supported by Treasury Secretary Janet Yellen, who argued in a Senate hearing last week that banks already report some information directly to the IRS and the agency has a wealth of information about individuals.